Brunella Bruno

I am a researcher with tenure in Financial Markets and Institutions at Bocconi University Finance Department. I received the national scientific habilitation (ASN) award as full professor in Financial Markets, Financial Institutions and Corporate Finance (Sector 13/B4) in 2020. I am a member of the steering committee at Blest, the Bocconi Lab for European Studies, a research fellow of the Bocconi Baffi centre, and a fellow of IEP, the Bocconi Institute for European policymaking. I am also a member of the Expert Panel on banking supervision for the European Parliament since 2017.

I was an academic visitor at Saïd Business School at the University of Oxford and visiting professor at the Bangor Business School at Bangor University, UK.

I hold a PhD degree in Financial Markets and Institutions from Università degli Studi di Siena.




Researcher with Tenure
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I have conducted several policy-relevant research reports. Specifically, since 2017, at the request of the European Parliament, I have carried out in-depth analyses on key issues in banking supervision. The list of these analyses is available here:

BECK T., BRUNO B., CARLETTI E. Evolving key risks in the banking sector, and related priorities for the SSM 2022, European Parliament, Brussels

BECK T., BRUNO B. The ECB’s close cooperation on supervising banks in Bulgaria and Croatia 2022, European Parliament, Brussels

BRUNO B., DE MARCO F. European Banks’ Response to COVID19 'Quick Fix' Regulation and Other Measures 2021, European Parliament, Brussels 

BECK T., BRUNO B., CARLETTI E. When and how to unwind COVID-support measures to the banking system? 2021, European Parliament, Brussels 

BRUNO B., CARLETTI E. Main factors of the subdued profitability of significant banks in the Banking Union 2019, European Parliament, Brussels 

BRUNO B., CARLETTI E. European banking supervision: Stock-taking and next steps 2019, European Parliament, Brussels 

BRUNO B., CARLETTI E. How demanding and consistent is the 2018 stress test design in comparison to previous exercises 2018, European Parliament, Brussels 

BRUNO B., CARLETTI E. Provisioning policies for non-performing loans: How to best ensure a “clean balance sheet”? 2017, European Parliament, Brussels

BRUNO B., LUSIGNANI G., ONADO M. Why We Need to Breach the Taboos on European Banks’ Non-Performing Loans 2017, European Economy – Banks, Regulation, and the Real Sector 

BRUNO B., NOCERA G., RESTI A. C. The impact of risk based capital requirements on corporate lending: Evidence from Europe 2017, VoxEU/CEPR Policy Portal

Research interests

My main research interests are empirical banking and art investing. In banking, I am particularly interested in studying the effects of regulation and supervision on bank behavior and how banks cope with credit risk. My most recent research is on the effects of climate-related risks on bank credit allocation policies.  

Working papers
Bruno, Brunella; Marino, Immacolata
How do Banks Respond to Non Perfoming Loans?
CSEF Working Paper 513, July 2021
Selected Publications

I am course director and co-teacher of the undergraduate courses of Economics and Management of Financial Institutions and Alternative Investments. I am also a co-teacher of the International Banking course. The Alternative Investments course is one of the CIVICA Engage Track courses developed by the European Commission within the framework of the CIVICA alliance.